WTRF 7 News Sports Weather - Wheeling SteubenvilleHow to Spend Your Money Wisely With Payroll Tax Cut Extension

How to Spend Your Money Wisely With Payroll Tax Cut Extension

Posted: Updated:
  • News

  • Saturday, May 26 2012 5:00 PM EDT2012-05-26 21:00:12 GMT
    Friends, family and members of the community cheered on the runners and walkers participating in Saturday's 36th Annual Ogden Race in Wheeling. The runners said the race would not have been possible without
    The oldest racer in Saturday's Ogden was 91 years old.
  • Saturday, May 26 2012 3:41 PM EDT2012-05-26 19:41:02 GMT
    The annual Ogden Newspapers Half Marathon begins Saturday at 8 a.m. as participants travel up and down city streets.The race will conclude near WesBanco Arena.Stay with WTRF.com and 7News for updates on
    The annual Ogden Newspapers Half Marathon begins Saturday at 8 a.m. as participants travel up and down city streets.The race will conclude near WesBanco Arena.Stay with WTRF.com and 7News for updates on
  • Saturday, May 26 2012 2:36 PM EDT2012-05-26 18:36:51 GMT
    Two structure fires have the State Fire Marshal investigating the causes in Steubenville early Saturday morning.The first fire broke out at about midnight along Pennsylvania Avenue. Steubenville Fire Department
    2 fire outbreaks in Steubenville result in one injury and one fatality
  • Saturday, May 26 2012 11:06 AM EDT2012-05-26 15:06:51 GMT
    The Village of Powhatan Point will hold a meeting at 7 p.m. Sunday, May 27 at the municipal building.According to a news release the meeting is being called by Mayor Mark McVey to discuss the repair of
    The Village of Powhatan Point will hold a meeting at 7 p.m. Sunday, May 27 at the municipal building.According to a news release the meeting is being called by Mayor Mark McVey to discuss the repair of
  • Saturday, May 26 2012 8:23 AM EDT2012-05-26 12:23:21 GMT
    View photos from the Ogden Newspapers Half Marathon in our WTRF.com slideshow.Watch 7News at 6 for highlights from the event.***DISCLAIMER-slideshows cannot be viewed on mobile devices***
    View photos from the Ogden Newspapers Half Marathon in our WTRF.com slideshow.Watch 7News at 6 for highlights from the event.***DISCLAIMER-slideshows cannot be viewed on mobile devices***

United States Congress voted to extend payroll tax cuts and unemployment benefits on Friday, sending legislation straight to President Barack Obama's desk.

"As soon as Congress sends me that extension of tax cuts and unemployment insurance to my desk, I will sign it right away," Obama said.

The bill would maintain a two percentage point payroll tax cut for 160 million working Americans, saving the middle class one thousand dollars this year.

West Virginia Senator Jay Rockefeller voted in favor of this.

"I've said that we need to make sure that workers get some relief in this tough economic climate," he said.

West Virginia Congressman David McKinley voted against the bill.

"Adding $89 billion to our nation's debt is simply unacceptable," he said.  "Our children and grandchildren are depending on us to ease the massive burden of debt."

However, the extension is inevitable, and as Certified Financial Planner for McKinley Carter Wealth Services in Wheeling Russell Dunkin says, it is important that residents of the Ohio Valley spend the extra money wisely.

"I never hear someone say hey, I'm gonna get $4,000 back, I'm gonna save it," he said.  "Most people I hear are talking about it.  We are going to want to spend it on."

Dunkin said the average person received over $3,000 last year in their tax refund.  He advises people to stop withholding that much money.

"Go to the employer, get your W-4 form and use it to correct what is being withheld," he said.

Dunkin also recommends you set up an emergency fund for unexpected costs.  He said start saving early.